Business
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[Weekly Stock Market] Overall foreign buying trend is likely to continue
SEOUL -- The benchmark Korea Stock Price Index (KOSPI) ended at 2,423.61 last week, down 1.13 percent from a week before, as the index was predominantly pressured by foreign selling. For the first time this year, on a weekly basi
February 26, 2023 -
KEPCO suffers record operating loss of $25 billion in 2022 due to soaring fuel prices
SEOUL -- The state-run Korea Electric Power Corp. (KEPCO) said February 24 that it suffered a record operating loss of 32.63 trillion won ($25.02 billion) last year, prompted by soaring fuel prices and a slow pace of electricity rate hikes. The loss was more than five times the company's 2021 operating loss of 5.84 trillion won. In the last three months of last year alone, KEPCO incurred a 10.76 trillion won loss, hitting an all-time high quarterly figure. KEPCO said that i
February 24, 2023 -
Two bar associations fined $7.7 million each for membership ban on legal service platform
SEOUL -- South Korea's two bar associations were slapped with a fine of 10 billion won ($7.7 million) each for banning their members from joining LawTalk, an online platform that connects users and lawyers. On February 23, the Korea Fair Trade Commission (KFTC) decided to impose the fine on the Korean Bar Association (KBA) and the Seoul Bar Association (SBA), stating that their ban has hindered "free and fair" competition in the legal market. The antitrust regulat
February 24, 2023 -
Real household income drops 1.1% in fourth quarter of last year amid soaring inflation
SEOUL -- South Korea's real household income fell 1.1 percent year-on-year in the fourth quarter of last year, affected by runaway inflation, according to Statistics Korea on February 23. The statistical office said that average nominal household income increased 4.1 percent to 4.83 million won in the last three months of 2022 from a year before. However, inflation-adjusted real household income dropped 1.1 percent, following a 2.8 percent fall in the third quarter of last year
February 23, 2023 -
BOK freezes key rate at 3.5% amid deteriorating economic outlook
SEOUL -- The Bank of Korea has decided to freeze its key interest rate at 3.5 percent, halting 17 months of continued rate hikes amid the deteriorating economic outlook. The central made the decision on February 23 after holding a Monetary Policy Board meeting. The rate freeze came as the South Korean economy continues to slow down after it began to contract in the fourth quarter of last year amid sluggish exports and sagging domestic demand. Leaving the rate unchanged at the c
February 23, 2023 -
Producer prices rose 0.4% in January, driven by soaring electricity charges
SEOUL -- Producer prices rose 0.4 percent last month from December, driven by soaring electricity charges, according to data released by the Bank of Korea (BOK) on February 23. The produce price index increased to 120.29 in January, up 0.4 percent from a month before. The rise came after the index fell 0.3 percent in November and 0.4 percent in December. Compared with the January 2021 figure, the price index jumped by 5.1 percent. "The producer price increase was attribute
February 23, 2023 -
LG Uplus to release metaverse platform for young children
SEOUL -- South Korea's mobile carrier LG Uplus will roll out a metaverse-based platform that enables young children to interact with each other and learn about animals and dinosaurs using avatars. The virtual platform incorporated functions capable of filtering profanity while chatting and reporting those who behave inappropriately. LG Uplus (LGU+) said in a statement that the company will release the open beta version of KidsTopia, a metaverse platform for children aged up to
February 22, 2023 -
South Koreans taking brunt of higher inflation and fewer jobs
SEOUL -- South Koreans are bearing the brunt of pains arising from higher consumer prices and fewer jobs amid the economic slump, according to an analysis of official data by Rep. Kim Hoi-jae of the main opposition Democratic Party (DP) on February 22. Kim said that the so-called misery index jumped to 8.8 last month, hitting the highest since it peaked at 9.2 in July 2022. The index is calculated by adding the consumer inflation rate (5.2 percent) to the unemployment rate (3.6 per
February 22, 2023 -
LG Energy Solution ties up with Ford and Koc Holding to build battery plant in Turkey
SEOUL -- LG Energy Solution (LGES), the battery-making wing of South Korea's LG Group, will build a battery plant at an industrial zone near Turkey's capital city to solidify its position in the European electric vehicle market. The factory established through a joint venture with a U.S.-based automobile manufacturer, Ford, and Turkey's conglomerate Koc Holding, would produce batteries for commercial vehicles in Europe. Data released by database company Statista s
February 22, 2023 -
South Korea suffers 22.6 percent fall in trade with Russia amid war in Ukraine
SEOUL -- South Korea's volume of trade with Russia nosedived 22.6 percent to $21.15 billion in 2022 from a year before, affected by the latter's war with Ukraine, according to a report by the Korea International Trade Association (KITA) on February 21. The KITA said that the plunge was in contrast to an average growth rate of 11.4 percent in 36 major countries' trade with Russia. India's trade with Russa skyrocketed 237 percent year-on-year last year, followed by Gr
February 22, 2023
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Veteran actress Kim Soo-mi dies at 75
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VISUALS: Extreme sports festival kicks off at Gwanghwamun
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South Korea, U.S. defense chiefs to hold talks in Washington
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North Korean troops in Russia are Moscow's 'business,' Putin says
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LG Electronics heat pump to win innovation award at US expo
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PHOTOS: Korea observes Dokdo Day
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Hyundai Mobis posts 31.6% jump in Q3 operating profit
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Old movies make comeback to theaters with nostalgic appeal
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Cyclonic storm makes landfall on eastern Indian coast
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TikTok hosts creator summit in Saudi Arabia